Reliance Holds Talks With Carlyle and Blackstone

By

Kenan Machado

Updated Dec. 29, 2011 12:01 a.m. ET

MUMBAI—U.S. private-equity firms Carlyle Group LP and Blackstone Group LP are in separate talks to buy a substantial stake in the tower unit of Reliance Communications Ltd., people familiar with the matter said, in a potential deal that could raise billions of dollars for India's second-largest telecom operator.

The people said a deal for the unit, Reliance Infratel Ltd., could be reached sometime in February or March, subject to...